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myIR, payments and more

Technical tax area
Ngā tūmomo whakataunga me ngā aratohu

Other policy matters

ACC - withholding tax on personal service rehabilitation payments

A withholding tax of 15 cents in the dollar will apply to payments made to a claimant by the Accident Compensation Corporation (or an employer that is an accredited employer under the Injury Prevention, Rehabilitation, and Compensation Act 2001) that are for personal rehabilitation

Accelerated write-down rates for shuttle stallions

Changes have been made to the write-down rules for bloodstock in relation to shuttle stallions

The adoption of international financial reporting standards for taxation purposes

Some taxpayers adopted international financial reporting standards (IFRS) for financial reporting purposes from 1 January 2005. For certain other taxpayers, the standards became mandatory from 1 January 2007.

Changes to the taxation of leases

Changes to the taxation of leases mean that certain lease arrangements involving assets used overseas will be classified as finance leases, or that lessors will have allowable depreciation deductions for lease assets reduced

Commissioner's acceptance of a taxpayer's notice of proposed adjustment

An amendment has been made to the Tax Administration Act 1994 to clarify when the Commissioner of Inland Revenue can begin a new tax dispute

Company tax rate reductions - consequential and transitional amendments

A number of mainly transitional amendments have been made to the Income Tax Act 2007 and the Tax Administration Act 1994 in relation to imputation and dividend withholding payment (DWP) credit ratios, qualifying company election tax (QCET), branch equivalent and conduit memorandum accounts and foreign investor tax credits (FITC)

Confirmation of annual income tax rates for 2007-08

The Taxation (Annual Rates of Income Tax 2007-08) Act 2007 is one of three Acts to result from the passage of the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill, introduced in May 2007

Greater tax incentives for charitable donations

Tax incentives for donations of money made by individuals, companies and Maori authorities have been greatly enhanced

GST and consumable stores supplied to departing aircraft and commercial ships

Changes have been made to clarify the circumstances when the supply of consumable stores to departing aircraft and commercial ships may be zero-rated

GST and exported goods

The Goods and Services Tax Act 1985 has been amended to allow, in limited circumstances, non-resident purchasers to receive in New Zealand zero-rated exported goods

GST - Shared tax invoices

Changes have been made to the Goods and Services Tax Act 1985 to allow, in certain circumstances, two or more suppliers to invoice a customer using one tax invoice

Implementing the fair dividend rate and certain equity capital gains exclusions in life insurance

Under current life insurance tax rules, a life insurer pays tax on what is commonly referred to as the life office base (which taxes all income from the business of life insurance) and policyholder income (which taxes net investment income accruing to policyholders)

Information sharing between Inland Revenue and Customs

Rules have been introduced to allow information sharing between Inland Revenue and the New Zealand Customs Service

Organisations approved for charitable donee status

A list of organisations that have been granted charitable donee status from the 2007-08 tax year

Tax relief for redundancy payments

The Income Tax Act 2004, Income Tax Act 2007, and the Tax Administration Act 1994 have been amended to provide a new rebate (renamed "tax credit" in the Income Tax Act 2007) for redundancy payments

Retirement scheme contribution tax

The Taxation (Business Taxation and Remedial Matters) Act 2007 amends the Income Tax Act 2004, the Income Tax Act 2007 and the Tax Administration Act 1994 to enact a new tax structure for taxing certain contributions to a retirement savings scheme

Tax exemption for hospitals operating as charities

The amendments re-instate an income tax exemption for hospitals operated as charities by council-controlled organisations (CCOs)

Taxation review authority - costs and fees

Changes have been made to the Taxation Review Authorities Act 1994 to allow the Taxation Review Authority to make an award of costs for filing fees and to empower the government to make regulations in relation to the ability of the Authority to provide a fee waiver

Technical amendments to branch equivalent tax account rules

The rules applying to branch equivalent tax accounts (BETAs) have been amended to clarify that for companies and consolidated groups, access to debits is limited to the amount necessary to offset the tax on their foreign income (before any New Zealand losses are taken into account)